•Show ₦300k bn recurrent expenditure, N655k bn capital expenditure
By Samuel Abasiekong-Abasiekong
The Akwa Ibom State Government on Thursday, January 10, presented the breakdown of its 2025 budget to Akwa Ibom people.
The budget breakdown event, which held at Ibom Icon Hotel and Golf Resorts, Uyo, was organised by the Ministry of Finance in collaboration with the State Budget Office. Both offices were led by the Commissioner of Finance, Dr Nsikan Linus Nkan, and the Director of Budget, Mr Otu Asuquo, respectively.
The budget details presentation came on the heels of the 2025 Appropriation Bill submitted by Governor Umo Eno to Akwa Ibom State House of Assembly on November 26, 2024, which showed an estimate of N955,000 billion. This indicates all increase of 3% against the 2024 budget, which was N923, 462bn.
The 2025 fiscal estimates, christened, “Budget of Consolidation and Expansion”, has among its capital projects the completion and inauguration of the Maintenance, Repairs and Overhaul (MRO) facility of Victor Attah International Airport; the completion and inauguration of the International Conference Centre, Uyo; construction of the Aviation Village; construction of the Medical Village; construction of 18-storey Ibom Tower in Lagos; construction of a Four-Star hotel in Abuja; and the construction of Ibom Deep-sea Port, among others.
The budget is predicated on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day, as well as an estimated exchange rate of N1,400/US$, in line with the federal budget benchmark projections.
The budget projects a national Gross Domestic Product (GDP) of 3.68% growth rate, and a national inflation rate of 32.8%.
The 2025 budget consists of ₦300bn recurrent expenditure and capital expenditure of N655,000bn.
The Commissioner of Finance explained that the total projected recurrent revenue for 2025 is N830.000bn,
internally-generated revenue (IGR) N80,000 billion, statutory revenue N20,000bn, while
derivation revenue will be N135,000bn.
The 13% derivation revenue arrears is estimated at N60,000 billion; exchange gain, augmentation and others N455,000 billion; and excess crude N5,000 billion.
Value Added Tax (VAT) is estimated at N70,000 billion and ecological fund, N5,000 billion.
The budget also shows recurrent expenditure of N300,000 billion.
On the other other hand, the capital expenditure is estimated at N655,000 billion as against the proposed revised provision of N573,319 billion for 2024.
A total projected capital receipts show that N530,000 billion will be transferred from the Consolidated Revenue Fund, while the balance of N125.000 billion is to be realised, Dr. Nkan explained.
